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Harry’s Trims Cumbersome Planning Processes

Now that we’re using Adaptive Insights within our finance team, we’re able to work more collaboratively and don’t have any individual--whether it’s me or someone else--acting as a bottleneck for our planning process.

Nathan Fox, Senior Director, FP&A and Treasury

Razor retailer creates a single source of truth to manage its multi-country shaving business

Think your planning process is complex? Talk to Harry’s. “We have to track data for manufacturing, retail, distribution, and direct to consumer, in three countries, in three different currencies, and with several different reporting requirements,” says Nathan Fox, senior director of FP&A and treasury at Harry’s. “Our planning process took several weeks and was very time-consuming, and any iterations for our budget process were very painful.”

With the Adaptive Insights Business Planning Cloud, Harry’s was able to shave weeks off its process to make it more flexible and agile. “After we launched Adaptive Insights, we’ve shortened that time by a factor of two,” says Fox. “Making changes is very quick, and we’re able to see the results and provide a feedback loop so that management and finance can work together on developing a plan that makes sense. We now have a real-time single source of truth where managers in different countries can look at the same plan or the same set of actuals under the same reporting framework and have a shared understanding, regardless of whether it’s in local currency or in foreign currency.”

Challenges

Struggled with a manual process that meant even the smallest change required outsized time and effort to redo plans

Suffered from data bottlenecks in finance, forcing business leaders to wait until data was incorporated into the plan before they could make use of it throughout the business

Results

Reduced the planning process by 50% while increasing the ability to easily make last-minute changes

Provided the company with a single source of truth so managers in different countries could have a shared understanding of the business regardless of currency

Increased ability for marketing, HR, supply chain, operations, R&D, and manufacturing to partake in the planning process in parallel with finance

About:

Harry’s, founded in 2013, is a men’s care brand that offers exceptional products at a real value. As the only vertically integrated shaving company in the world, Harry’s owns and operates its own razor factory in Eisfeld, Germany, and sells products direct-to-consumers at Harrys.com, as well as in Target and Walmart stores across the country. Harry’s is headquartered in New York City. For more information on Harry’s, please visit Harrys.com.

Location:

New York, NY

Industry:

Manufacturing, Retail

At Harry’s, all aspects of the business are involved in the planning process. And Adaptive Insights allows us to allow them to plan in a framework that makes sense for them while still connecting their plan with the rest of the organization.